Timeshares-DVC or otherwise-thoughts? opinions?

[Sanchez]

Just wanted to jump in and say that we love our DVC and have never once regretted our decision.

I think that a lot of people who cannot afford a timeshare, but buy one anyway are the ones that regret it. But they are the same people who buy boats, jetskis, motorcycles...basically any luxury item that they cannot afford. These people who contiunually buy and sell things they cannot afford because they have to have them NOW.

Timeshares are not for everyone, that is the truth. But not all timeshares are alike, either. I like the point system that DVC has, it works well for our family. If we had to buy a particular week every year, we most likely would not have bought. We don't vacation like that.

And for the record, we have only planned one trip at 11 months out, and that is the one in Dec. because we are getting a Grand Villa. All of our other trips in the past how many years have been planned at 6 months out or later. So the question "Do you want to subject yourself to the various rules and regs such as booking far in advance?" does not stick and shows that you know little about how DVC actually works.

Restrictions on when you can book is part of owning DVC. It is but one of the many rules in place for DVC timeshares. Can you book one week out? Not sure why you are so insulted. Take a look at the DVC board. There are always questions about bookings,renting, use of points etc. Some of these rules are obviously confusing and/or not understood by all and DVC often changes them. Since I do not own DVC I do not keep up with the minutiae - one of the many reasons I do not have it.

 

[Sanchez]

OK, OK, OK so can I complain here about the STOOOPID Redskins season tix that my DH INSISTS upon having every year (recently "upgraded" seats for a mere $375 add'l per seat). Talk about a bad purchase!! But that's MY opinion, not DH's.


I think everybody has some sort of vice that the rest of us can't quite "get". Sanchez doesn't "get" DVC / timeshares - IMO that's his problem. The important thing to us is that we love our DVC - he doesn't have to. We purchased our contracts with 1 master & 1 smaller contract so that if we ever decide we don't need / want all of our points we can sell off only a portion which is much easier to sell than larger contracts. We feel we made a good purchase that fits OUR needs, but certainly not Sanchez's needs. And I'm OK with that!!

Good for you that you are happy. Some of you are very defensive about your timeshare ownership. I can understand that because so many people have a negative opinion about the timeshare industry.

And I do "get it." So much so that I am very happy I was never roped into buying one.

 

[Greysword]

...However, I still believe that timeshare purchases are wrong for most people. Consider that a quick search reveals that approximately two thirds of Americans live paycheck to paycheck. I would argue that a luxury item such as a timeshare is a bad decision for anyone in this category (same for a vacation home or Mercedes Benz.)...

I 100% agree with you that a timeshare is not right for most people, and I think most (if not all) of the members who frequent the DVC DIS board agree as well. We spend quite a bit of time trying to disuade people from purchasing until they have analyzed everything thay can. We also have relatively frequent discusions on the financial viability of DVC ownership and the method of payment (cash, Home Loan/LOC, financing through Disney, credit cards, etc). You could add a lot of value with your experiences and answer some questions on foreclosure rates, which is a foggy area for most of the community (although we meet members in which it does happen).

The other half of your point made me think of a question, which I hope the community would answer:

If buying a DVC timeshare and vacationing is a bad idea for those who are living paycheck to paycheck, does this thought extend to those Disney vacationers, who scrimp and save to have a Disney vacation through CRO every 1-2 years? For me, there is a big difference, in that DVC owners have an asset, which has retained a fair amount of its value, while the money spent to stay at POP or PORF is a sunk cost with no further possibility of return. Thoughts everyone?

 

[Pakey]

People who scrimp and save for a vacation can cancel that vacation at any time without hurting their finances. People who scrimp and save to pay for their DVC are living on the edge because although DVC may be considered an asset; it's also a liability. If you cancel a vacation; you don't face the same problems you would if you miss a loan payment or don't pay the annual dues.

 

[Greysword]

People who scrimp and save for a vacation can cancel that vacation at any time without hurting their finances. People who scrimp and save to pay for their DVC are living on the edge because although DVC may be considered an asset; it's also a liability. If you cancel a vacation; you don't face the same problems you would if you miss a loan payment or don't pay the annual dues.

Good points.

 

[Sanchez]

I 100% agree with you that a timeshare is not right for most people, and I think most (if not all) of the members who frequent the DVC DIS board agree as well. We spend quite a bit of time trying to disuade people from purchasing until they have analyzed everything thay can. We also have relatively frequent discusions on the financial viability of DVC ownership and the method of payment (cash, Home Loan/LOC, financing through Disney, credit cards, etc). You could add a lot of value with your experiences and answer some questions on foreclosure rates, which is a foggy area for most of the community (although we meet members in which it does happen).

The other half of your point made me think of a question, which I hope the community would answer:

If buying a DVC timeshare and vacationing is a bad idea for those who are living paycheck to paycheck, does this thought extend to those Disney vacationers, who scrimp and save to have a Disney vacation through CRO every 1-2 years? For me, there is a big difference, in that DVC owners have an asset, which has retained a fair amount of its value, while the money spent to stay at POP or PORF is a sunk cost with no further possibility of return. Thoughts everyone?

It is a valid question. A few have said that they like DVC because it forces them to take vacations. If they do not use the points they are not getting the same value. By cancelling a vacation due to financial distress the timeshare becomes less valuable - or at least you are not getting as much value for your purchase. Dues must still be paid. However, those losses can be mitigated by renting points or selling the contract. The problem is that if the timeshare purchase is financed the loss becomes more significant and more tangible.

In the end, I am not certain that the comparison is fair. The DVC vacation is a luxury vacation - the DVC owners that realize the best value are those who would have otherwise vacationed in deluxe accomodations. It is difficult to compare to a budget vacation that a family can save for in advance and cancel with relatively short notice and no strings attached.

We can all agree that vacations are luxury items and should not take priority over basic necessities.

 

[C.Ann]

I know 4 people - who have all purchased time shares in different areas - and they all regret it..

For some it turns out well - for others, not so much..